Marketing Exam

Marketing Exam

Over time I have lost count of the number of marketing exam papers and assignments I have marked. Students make the same mistakes over and over. Try to follow the rules below to make sure you show off what you know. The usual mistakes are that the answers are only concepts or theory. It is a start but needs to show what you understand. That is where the application comes in. Other students write everything they know about the application. Especially if it is a topic they like. Again the marks are usually across the 3 parts of the ‘Magic Formula’ so make sure that you don’t address one part only. Few students ever get to the final stage of Evaluation. That is where the grades are really decided and where the higher marks are to be found. If you really want to show that you have put in the extra effort. Add in a well chosen and recent article from a journal. Harvard Business Review is a fantastic source of material www.hbr.org

Outline Marketing Exam Solution

Each marketing exam answer will be in outline form and cover the stages of the ‘Magic Formula’. You can see this in the video on the Exam Help page.

Marketing Exam Question

Examine the role of segmentation for mobile phones. Advise a mobile phone company of your choice on future marketing segmentation policy.

Outline Answer

Concept-What is it ?

Begin your answer by showing that you know the basics. The first few lines in an exam are often the hardest. Start your answer with a succint definition. It does not have to be word perfect quote, although that is useful. Just show at the start of the exam that you know the key issues. What is segmentation and why do businesses use it. Begin here by showing what it is with a well chosen definition. That will illustrate that you understand importance of segmentation. The process of segmentation, targeting and positioning (STP). You might include the ability to target, to use resources more effectively, how segmentation helps you to match the needs of the customer with the best product or service for them. The secret of successful segmentation is to decide who is your customer and build everything from there. The better you understand their needs the greater the chance of success. Chose what you want to do and do it really well. Don’t try to do too many things and fail dismally

Features of a ‘good’ segment. Such as SMART, sustainable, measurable, achieveable, realistic and timed. A segment needs to be big enough to be profitable yet different from other segments. You also need to be able to reach the segment using the communication tools.

Segmentation methods, demographic, psychographic, lifestyle and lifestage need to be outlined to show the options

Application- How does it work?

The mobile phone market is competitive and in the UK there are main players for the phones and then the separate network providers such as O2, Orange etc. Phone companies are the likes of Nokia, Samsung and iPhone to name but a few.

Work through each stage of the concepts you have outlined above with examples. You may prefer to do this as two separate parts of the answer. Or you can cover the application as you write each part of the concept.

If you think about the mobile market there are so many different phones available. The very techie, expensive iPhone to the cheaper end of the market that makes calls but none of the add ons. Here show the difference between a company that covers a wide range of phones and one who targets a more specific market. Show that there are ways of segmenting, such as age etc. The secret here is to look more at the motives of the customer, who are they and why do they buy? If you target the  phone user by age, build that profile and show that you need to develop understanding of the use of that phone. If you segment by use it could be music, internet etc or the user might just want to make calls and  text.

Evaluation- What does this tell me?

You now have to offer advice to the company and this is where the higher marks are usually to be found. Of course if the previous stages of concept and application are completed well, this section is easier to write.

Chose the company you wish to advise, that will make it more real. Show that there are various different possible target customers. You might even build the profile of Techie Tim, Music Mad Marie or My Mum and Dad etc. Who will the company target. Outline that they chose how many customers to target. That choice will depend on their brand, their level of innovation, their resources. Also the ability to deliver business objectives and mention the attitude to risk. Are they the type of company what wishes to push forward and be leader of the pack or to follow others? There are merits for both approaches, the secret is to be clear and make sure that everything you do reflects that choice.

If they chose to target Music Mad Marie that is a very different customer to the Mum and Dad. They will need to be building interactive websites, downloads and sharing of information. Just to add the final touches show examples of current articles in the marketing press to add weight to your answer. You are really expected to show that you understand what STP is, how it works and the options it offers a business.

Hope this is useful for your marketing exam. It shows the stages of the exam answer and also good marketing practice. Post up a comment and let me know if you want more